Rangers have announced an operating profit of £5.9million – a significant improvement on last year's £23.5m operating loss.
The Ibrox side lost substantially in the accounts released 12 months ago with the effects of Covid having a huge impact on Scottish football but the figures look much healthier despite Rangers relinquishing their title.
Their revenue has almost doubled to £86.8million in the 12 months since the appointment of Gio van Bronckhorst, in which they reached the Europa League final in Seville and also sold Nathan Patterson in January for an initial £11.5m and Calvin Bassey for an initial £19.5m - both club record sales at the time they went through.
That transfer revenue has helped the club overturn last year's substantial operating loss and turn a modest profit for the year to 30 June 2022, with their Champions League TV and prize money revenue not factoring in until next year's accounts. Chairman Douglas Park said: "I am delighted to be reporting a club record turnover of £86.8m for the year to 30 June 2022.
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"From this revenue, we returned an operating profit of £5.9m which represents an improvement of £27.6m on last year’s operating loss. This demonstrates the success and progress achieved over the last 12 months. During the year to 30 June 2022, we have raised new equity of £10.1m and taken on new debt of £3.6m to strengthen our financial position.”
Van Bronckhorst comes under pressure for recent results but Park hailed the impact he has had in his 12 months in the job, with their run to the Europa League Final banking them £15.5m in prize money alone. Park said: "Beginning on the pitch, we appointed Giovanni van Bronckhorst as our football manager last November. As well as delivering us the Scottish Cup for the first time in 13 years he also, as I touched on earlier, gave the club a thrilling European journey where we came within a kick of winning only our second European trophy.
"This season, under Gio’s leadership, he and the players returned us to the UEFA Champions League for the first time in 12 years by navigating two difficult qualifying rounds in August.
"Our ‘player trading model’ is something your board mention on a number of occasions. On joining the club, Ross Wilson, our sporting director, was mandated by the board to build a modern football department."
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